Daily Digest

Daily Digest - September 18

Friday, September 18, 2009, 9:39 AM
  • Dollar "May" Fall Further After Reaching Lowest in Almost a Year
  • How to Lose a War: Pentagon Hires Investment Bankers, Preps for Economic Warfare (Seen on the Coming Depression Blogspot)
  • David Tice Part 1-4 (H/T iDoctor)
  • Your ETF-Silver is For Sale
  • Top Goldman Lobbyist Barred From Communicating With House's Financial Services Committee
  • Report: Fed Reviews Banks CRE Exposure
  • Dem Senator Warns of 'Big, Big Tax' on Middle Class in Baucus Bill
  • "A Case for Change" - A Crash Course/Regenerative Culture Virtual Course (Inserted by Chris)

Economy

Dollar "May" Fall Further After Reaching Lowest in Almost a Year

“The dollar is on its back heels,” said Brian Dolan, chief currency strategist at FOREX.com, a unit of the online currency trading firm Gain Capital in Bedminster, New Jersey.

How to Lose a War: Pentagon Hires the Type  Who Got us Into This, Preps for Economic Warfare (Seen on the Coming Depression Blogspot)

But instead of military brass plotting America’s defense, it was hedge-fund managers, professors and executives from at least one investment bank, UBS – all invited by the Pentagon to play out global scenarios that could shift the balance of power between the world’s leading economies.

Their efforts were carefully observed and recorded by uniformed military officers and members of the U.S. intelligence community.

David Tice Part 1-4 (H/T iDoctor)

1

2

3

4

Your ETF-Silver is For Sale

If you want to own silver, then buy real silver. Thanks to the manipulations of the bullion banks (including their massive scam with the bullion-ETF's), we can all still buy real silver at a ridiculously low price – for a very limited amount of time.

If you're buying a bullion-ETF, or holding a bullion-ETF, then very likely all you are holding is paper.

Top Goldman Lobbyist Barred From Communicating With House's Financial Services Committee

for a period of 12 months.

Report: Fed Reviews Banks CRE Exposure

People familiar with the examinations say the fed is "getting granular" looking, for example, at the differences in banks' concentration of construction loans vs. multifamily vs. motels and retail.

Dem Senator Warns of 'Big, Big Tax' on Middle Class in Baucus Bill

Given how much money this kind of tax can raise, Rockefeller says he understands why it is "tempting."

A Case for Change - A Crash Course/Regenerative Culture Virtual Course (Inserted by Chris)

I am pleased to announce a new collaboration that promises to usher Crash Course awareness solidly out of the digital realm, and into the arena of real-world change.



Regenerative Culture, an organization devoted to providing systems for community self-construction and leadership development, will be offering a series of virtual courses entitled “A Case for Change,” that, through the lens of the Crash Course, will invoke and cultivate leadership skills to move communities towards a sustainable and integrative future.

29 Comments

Cloudfire's picture
Cloudfire
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Re: Daily Digest - September 18

Hi, Davos;

Thanks for the David Tice interviews . . . . I'm still listening, but I've already been rewarded for my time with the discovery of Tom Woods' site.  I'll be delving into his books . . . .

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Davos
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Re: Daily Digest - September 18

Thanks, I'll check out that site, I'm like on video one still, TMI and too little time these days, take care

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saxplayer00o1
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Re: Daily Digest - September 18
  • Please be sure to read item #1.
  • 1) Housing Agency's Cash Reserves Will Drop Below Requirement"The Federal Housing Administration has been hit so hard by the mortgage crisis that for the first time, the agency's cash reserves will drop below the minimum level set by Congress, FHA officials said."
  • 2) $112 billion in new bonds coming to market next week
  • 3) Russian premier Putin says US dollar issuance 'uncontrolled', calls for diversified reserves
  • 4) PARIS — Foreign direct investment will fall more than 29 percent this year from 2008 as a result of the global economic crisis, a United Nations body forecast Thursday, keeping a lid on global growth.
  •  
  • 5) Foreign Central Bank Custody Holdings At $2.852 Trillion As of Wed -Fed...Fed's balance sheet expands

6) Wells Fargo's Ticking Time Bomb: Credit Default Swaps On Commercial Mortgages

  • 7)S&P May Cut $578 Billion of

Corporate Debt Securities

  • 8) Over $300 Billion In Corporate

CDOs on Watch

  • 9) Economist sees strong chance of 'double-dip recession'

(Gotta love her name)

  • 10) Jeff Nielson sees the real deficit increasing at

$4 Trillion per year

  • Chris
  • Thanks for the explanations and help about the use of this message board yesterday. I was out too late to respond until now. Paste as text actually is easier than a straight copy/paste. I don't get the part about dropping items into Worst first and then posting though.
Cloudfire's picture
Cloudfire
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Re: Daily Digest - September 18

Check this one out . . . Can a lineup get any better?

Freedom Conference 2009

Thomas Woods, Joan Veon, and G. Edward Griffin

I'm going to be brutally busy, but I want to be in on this . . .

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Woodman
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Re: Daily Digest - September 18

 

Here's a snippet from the mainstream media showing what we're up against in getting the true message out:

http://finance.yahoo.com/retirement/article/107761/what-you-need-to-know-about-social-security.html?mod=retire-planning

QUESTION 1: Can I count on Social Security to be there?

You can. Despite what you may hear about the system going broke, the funds from workers' payroll taxes will cover all retirees' payments until 2016 even if no changes are made to the current program. After that the Social Security Administration can cover full benefits until 2037 by cashing in its Treasury bonds from the Social Security trust fund. And when the bonds run out, income from payroll taxes would be enough to cover about 75% of payments for decades.

Cloudfire's picture
Cloudfire
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Re: Daily Digest - September 18
Woodman wrote:

 

Here's a snippet from the mainstream media showing what we're up against in getting the true message out:

http://finance.yahoo.com/retirement/article/107761/what-you-need-to-know-about-social-security.html?mod=retire-planning

QUESTION 1: Can I count on Social Security to be there?

You can. Despite what you may hear about the system going broke, the funds from workers' payroll taxes will cover all retirees' payments until 2016 even if no changes are made to the current program. After that the Social Security Administration can cover full benefits until 2037 by cashing in its Treasury bonds from the Social Security trust fund. And when the bonds run out, income from payroll taxes would be enough to cover about 75% of payments for decades.

Have they no shame?

Frown

 

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james_knight_chaucer
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Re: Daily Digest - September 18

Hi Davos,

 

This guy only posts every couple of weeks, but he makes a lot of sense. Have you read what he says about SDR's?

 

Regards

James

http://cynicuseconomicus.blogspot.com/2009/09/special-drawing-rights-what-are-they.html

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Re: Daily Digest - September 18

Just looking at the CRE exposure? Uh-oh

I thought that was something the fed and Bernanke would LOOK at, before claiming the recession was over.

 

What fools.

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Cloudfire
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Re: Daily Digest - September 18

Another good reason to buy locally, knowing firsthand, where your food comes from:

Cancer Villages result from boom-related pollution in China

I've been aware of potential contamination problems associated with Chinese imports of food for some time** . . . . It's something I pay attention to when rounding out my food storage.  I have found that it takes a bit of time "on hold", but I can generally find someone within each emergency food supplier, or grain distributor who can inform me of the national sources of their products.    

Perhaps because of the advantages of low shipping weight, I understand that freeze-dried and dehydrated foods are frequently imported from China, but exceptions can be found with a bit of research. 

**  Melamine-spiking "widespread" in China; Human Food Broadly Contaminated

**  The CDC's credibility could be questioned, but here goes:  Melamine in Food Products Manufactured in China 

Edited, for clearer layout

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Mish clarifies deflationary mechanism

Mish's 9/17 article clarified a bit of the inflation/deflation debate for me:

 Rally in 6th Inning or Top of the 12th?

The included link to an earlier article, Beliefs in Wizards Runs Deep, was particularly helpful.

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Re: Daily Digest - September 18

Lots of news today. Sorry about needing two posts to do this.

 

1) Philadelphia defers pension payments and raises taxes to balance budget

 

2) It looks like the Board of Regents will pass 32% UC fee hike

 

3)ICN Informed Citizen News (Please listen, since this is some of their best reporting that they have done ever..click on "more info" to see the links)

#1 Meredith Whitney - Home price to drop another 25%

#2 Mortgage defaults with us through 2014

#3 Unemployment benefits running even after 79 weeks

#4 Bankruptcies up, household income down

#5 10,000 working parents to lose health insurance

#6 Bernanke: Recession Likely Over

#7 Overspending on Debit Cards Is a Boon for Banks

#8 U.S. heads for record overseas arms sales in 2009

 

4) Woes Mount From Los Angeles to Philadelphia on Drops in State Aid, Sales Taxes

 

5) State tax collections down $114M since April (New York)

 

6) Tax collections continue to slide

Revenue: Gregoire might cut budget $1 billion more (Washington)

 

7) (Maryland) University officials are bracing for another devastating cut after revenue estimates released yesterday revealed an astonishing budget shortfall for next year.

In addition to a $2 billion gap in next year’s budget, $200 million will need to be trimmed from the state’s treasury this year.

 

8) FDIC May Tap Treasury Line to Bolster Fund, Bair Says

 

9) DEMCAD (click on "more info" to see his links) puts up the news. Nice view

on the growth in housing construction at 4:45 of his video):

 

10) Water districts have big loss on derivatives, OC treasurer warns

 

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Re: Daily Digest - September 18

Yikes. Catholicism and economics....I dunno...Wink

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Re: Daily Digest - September 18

Peter Schiff on Fast Money CNBC Sept 17 2009

Stop the Spending vote Peter Schiff Fox Business News 18 Sept 2009

 

PETER SCHIFF ON RUSSIA TODAY HOW TO SURVIVE ECONOMIC COLLAPSE SEPT 15, 2009

1.

2.

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Re: Daily Digest - September 18

Granted, this isn't a subject in the DD today but would anyone care to comment on this CNN Money comment:

QUESTION 1: Can I count on Social Security to be there?

You can. Despite what you may hear about the system going broke, the funds from workers' payroll taxes will cover all retirees' payments until 2016 even if no changes are made to the current program. After that the Social Security Administration can cover full benefits until 2037 by cashing in its Treasury bonds from the Social Security trust fund. And when the bonds run out, income from payroll taxes would be enough to cover about 75% of payments for decades.

(Full article found at http://finance.yahoo.com/retirement/article/107761/what-you-need-to-know-about-social-security.html?mod=retire-planning)

 

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Re: Daily Digest - September 18
grl wrote:

Granted, this isn't a subject in the DD today but would anyone care to comment on this CNN Money comment:

QUESTION 1: Can I count on Social Security to be there?

You can. Despite what you may hear about the system going broke, the funds from workers' payroll taxes will cover all retirees' payments until 2016 even if no changes are made to the current program. 

Hmmmm, even with 21% unemployment. Ooooooookaaaay.

I have no idea on the bonds. I heard Jim Puplava explain how that Thimblerig game worked and I lost track of which shell hid the pea before he was done. Someone with more gray matter will have to answer the bond question.

Take care

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Re: Daily Digest - September 18

 

GRL

 

Listen at 2 minutes and 30 seconds into the talk by Peter Schiff on the Social Security

"Ponzi Scheme":

 

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IMF to Sell 1/8th of of its Gold Reserves

Oh sh*t. Well the rally in gold was fun while it lasted....

IMF Release

IMF Selling One Eighth Of Its Gold Reserves, Will "Safeguard Against Disruption Of The Gold Market" (zerohedge)

Davos's picture
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Re: Daily Digest - September 18

There is a God!


JAG's picture
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Re: Daily Digest - September 18

Too funny Davos....I don't know of anyone who watches CNBC these days.

Karma is a b*@#h.

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Re: IMF to Sell 1/8th of of its Gold Reserves
JAG wrote:

Oh sh*t. Well the rally in gold was fun while it lasted....

IMF Release

IMF Selling One Eighth Of Its Gold Reserves, Will "Safeguard Against Disruption Of The Gold Market" (zerohedge)

Their reasoning was just great.... "to continue to provide lending in the poorest countries".  If this continues, the next time they dump more of their reserves on the market they'll probably mention widows and orphans too:

"C'mon folks, this is not about price manipulation... this is about the starving orphans." (cue the audience for obligatory sympathetic sigh): "Awww...." Laughing

Well hopefully this means that I'll be able to buy more of the shiny stuff... with China and others willing to keep buying the IMF and other PTB won't be able to keep this up forever.  It'll be funny in a pitiful sort of way to watch them try though Wink 

- Nickbert

 

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Re: IMF to Sell 1/8th of of its Gold Reserves
JAG wrote:

Oh sh*t. Well the rally in gold was fun while it lasted....

IMF Release

IMF Selling One Eighth Of Its Gold Reserves, Will "Safeguard Against Disruption Of The Gold Market" (zerohedge)

12,956,750.9 Troy Ounces. At $1,103 an ounce that is about 13 billion. I'd be stupid to speculate but maybe China will come in in one fall swoop and sop that up. If not it will be back, the dollar is headed off the cliff.

Take care

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Re: Daily Digest - September 18

Davos - you beat me to it, I was just about to post that link about Dennis Kneale getting the heave-ho! Enjoy your beverage of choice this evening!

As for the IMF selling the gold, China will buy it. In that story a few months back where China admitted they were secretly buying gold for years, they said they want to buy more gold, but with so little gold on the market, they would cause prices to rise with their purchases. To me, the floor for gold is not 900 or 800, it's China. I don't have the link, but it's out there on the internet somewhere.

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Re: Daily Digest - September 18
joemanc wrote:

Davos - you beat me to it, I was just about to post that link about Dennis Kneale getting the heave-ho! Enjoy your beverage of choice this evening!

As for the IMF selling the gold, China will buy it. In that story a few months back where China admitted they were secretly buying gold for years, they said they want to buy more gold, but with so little gold on the market, they would cause prices to rise with their purchases. To me, the floor for gold is not 900 or 800, it's China. I don't have the link, but it's out there on the internet somewhere.

Cheers. No CHEEEEEEEERS!

While it is sad to see anyone get canned I have to say:

  1. Millions of viewers will be spared, what I would consider, very poor investment advice
  2. Maybe he will have a better glimpse of what is going on in the real world. I interact with over 100 clients and about 30 small businesses and everyone is feeling something

Have a super weekend Joe!! Take care

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Re: Daily Digest - September 18

Cheers. No CHEEEEEEEERS!

 While it is sad to see anyone get canned I have to say:

  1. Millions of viewers will be spared, what I would consider, very poor investment advice
Maybe he will have a better glimpse of what is going on in the real world. I interact with over 100 clients and about 30 small businesses and everyone is feeling something

Davos I dunno about you but I will be watching the reruns.....not everyday one can laugh that hard....LOL.

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Re: Daily Digest - September 18

Hello iDoctor:

I'm laughing! And if I had TV I'd watch the reruns as well. Have a super weekend! Take care

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How to Pay Off the National Debt
http://www.informationclearinghouse.info/article23532.htm
How to Pay Off the National Debt

By Nikki Alexander

September 18, 2009 "Information Clearing House" -- It’s all the rage these days to sell public assets to pay off government debt. We mustn’t default, after all. We just hate to see our national parks, public roads, energy grids, water, hospitals and schools being sold to robber barons. Do we have anything to sell that the majority of Americans wouldn’t mind parting with?

What about all that Pentagon real estate owned by US taxpayers? Over 1,000 military bases worldwide. That real estate must be worth a fortune. Given the worldwide inflation of real estate values, created by the central banks, it must be worth trillions. We could close our worldwide military bases and sell that real estate to the locals who would probably jump at the chance to get rid of a foreign occupying army. We could ask the buyers to pay for the land with worthless Federal Reserve notes. That would solve their problem of how to get rid of their worthless US dollars and simultaneously give Americans a sufficient amount of worthless dollars to pay back the Federal Reserve for the national debt they created with worthless Federal Reserve notes. Without those military bases we couldn’t have wars and we should be able to drastically reduce the Pentagon budget, saving even more money ~ and lives! Just think of it … close to one trillion dollars every year being sucked up by the Pentagon would be liberated for health care, education, infrastructure and a peacetime economy. We could even get rid of the Pentagon all together. After all, we lived quite comfortably without it for 170 years.

While we’re at it, we could sell off those secret CIA torture prisons; close all those military labs that make chemical and biological weapons and the pharmaceutical labs that create deadly vaccines. This would free up enough cash to save our hospitals, schools and national parks with money left over to clean up all the depleted uranium sites contaminating 39 of our states.

We could get rid of the domestic surveillance apparatus and stop outsourcing intelligence gathering to private “security” firms, cancel the contracts with mercenaries and assassins, stop funding military recruiters in our schools and stop paying for coups in countries where people would rather elect their own leaders. That would save a fortune. Selling off the whole covert operations apparatus would have the double advantage of fetching a good price and freeing other people to live their lives in peace.

If we wanted to permanently flourish we could get rid of the Federal Reserve and restore the function of money creation to the public ~ constitutional money backed by the full faith and credit of US citizens. A new monetary system owned and controlled by the public would ensure that credit is always available to cities and states, schools, hospitals, small businesses and homeowners. We wouldn’t have to sell off the public assets we value because we wouldn’t have any government debt. Problem solved.

The public has plenty of toxic assets to sell. Wall Street hasn’t cornered that market. I wonder why Obama hasn’t thought of this himself. Perhaps the $900,000 in “campaign contributions” from Goldman Sachs is clouding his vision or perhaps the advice he gets from the privately-owned Federal Reserve is self-serving; perhaps the corporate CEOs that rake in billions from public despair have his ear or perhaps the beneficiaries of Pentagon wars have convinced him that killing people in Afghanistan and Iraq will bring greater returns than selling off the toxic assets Americans really don’t want.

Paying off the national debt is a no brainer when you have a conscience.

his article is an excerpt from a more detailed work on the history of organized crime syndicates masquerading as the US government: http://nikkialexander.wordpress.com

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Re: Daily Digest - September 18

FT Alphaville » Blog Archive » Banks’ coverage ratio capers, cont.

Look who’s jumped on the bad bank coverage ratio bandwagon — Goldman Sachs.

In a note out today, GS analysts, are also looking at how falling coverage of non-performing loans (NPLs) has fueled this year’s profits among European banks. As a reminder coverage ratios are loan loss reserves divided by NPLs — so basically how much a bank has covered its bad debts.

...

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The Bull, the Cape and the Matador

The Bull, the Cape and
the Matador

Devvy Kidd

What do we see above? We see the raging bull — the people of America. We see a matador standing there, cool and untouched. The matador is waving a cape in front of the American people which continues to draw their ire and anger, or lulls them into complacency and a false sense of security. The American people, because they haven't been given the facts and the truth about the privately owned “Fed,”the IRS, the UN, social security and other key mechanisms of the masters of this proposed one-world government, continue to huff and puff at the cape. Sometimes they even charge the cape.

While the raging bull continues to be frustrated that the cape appears over and over and he never really gets his target, there is another distraction: the clowns. The clowns are the U.S. Congress and the majority of those who serve in the 50 state legislatures. While the bull is raging over today's cape which says Bill the Liar was serviced by Monica, the clowns jump up and down yelling silly phrases like “bi-partisan” or “$40 million dollars in four years.”

http://www.devvy.com/devvyindex.html

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Re: Freedom Conference 2009

Thanks for the kind words - we've put in a lot of work to craft a free market response to the globalist G20 controlled economic approach.

If you can make it,  please do - or tell anyone in the area that can...we do not have an institution backing us, we've put up our own money to bring in our speaker lineup...it's an important message that the MSM is completely ignoring.

Hope to see you all there!

-DaveP

Chairman, Libertarian Party of Pittsburgh

Co-organizer, Freedom Conference 2009

PS: we may be showing part of the Crash Course (if I can figure out how to capture the video)

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